Brazil’s Bust is Worse Than We Thought

Patrick Gillespie – CNN Money, 01/19/2016

The International Monetary Fund sharply downgraded its economic forecast for Brazil Tuesday. It was by far the largest revision of all major countries, according to its World Economic Outlook.

Brazil fell deep into a self-inflicted recession last year — the longest downturn for the country since the 1930s. The IMF and other forecasters thought Brazil would still be in a recession this year, but it wouldn’t be as bad as 2015.

Nope.

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